Barclays Bank's Profits Soar 36pct but Bank Slashes Bonuses by 7pct

Feb. 15, 2011 - PRLog -- Barclays Bank profits and bonuses have soared; net profit climbed a massive 36 percent to £3.6 billion for 2010. In addition bonuses amounting to £3.4 billion will be paid out to staff and a final dividend of 2.5p per share will be paid.

Income before impairments rose 8 percent to 31.44 billion pounds, and charges for bad loans and other impairments fell by 30 percent to 5.67 billion pounds.

Barclays Bank chose not to disclose individual bonus figures, however the annual report will reveal all. They did comment that the £3.6 billion in bonuses was down 7 percent on figures from 2009.

Global Retail Banking income increased 1% to £10.5bn, with good growth in UK Retail Banking and Barclays Africa, with income flat in Barclaycard, and a decline in Western Europe Retail Banking. Income was up 14% in Absa. Barclays Corporate reported a decrease in income of 7% and income was up 18% in Barclays Wealth.

Bob Diamond, CEO, said: 'I am proud of what we achieved in 2010, especially our profit growth and enhanced capital and liquidity positions.

'We continue to believe that our integrated model provides superior benefits to our customers, clients and broader stakeholders because of its diversity by business, geography and funding source.

'Our focus is on execution, which means delivering on our commitments in four key areas: maintaining a strong capital base; improving returns; delivering selective income growth; and demonstrating our credentials as a global citizen.'

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